The market results from the Pensacola Association of Realtors (PAR) are out so let's take a look at the Pace Real Estate Market for March 2018. Despite a severe inventory drought the buyers who patiently wait for new homes to hit the market there are still some good deals to be had in the Pace area. So grab a seat and let me walk you through this market, giving you a thorough analysis where it currently is.

 

This Month in Real Estate

              

 

A Look at Housing Stats

February ended with a total of 54 single family homes sold.  That's a dramatic increase from 37 sold in January but down 3.6% from 56 in February of 2017.  The median price range of houses that sold in Pace during the month of February was $206,900.  This amount shows an 7.2% increase from $192,950 from February 2017 and down 1.5% from $210,000 last month.  February's YTD sales of 91 are running 5.2% behind last year's year-to-date sales of 96.

 

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What Does This Data Mean?

 At the end of the month, there were 250 single-family homes listed with no offers.  That shows a decrease of 27.3 percent from this same time last year.  The low inventory trend continues with a 4.6 month supply of inventory on the market. It was at it's lowest level compared to February of 2017 and 2016.  In order for the market to be considered balanced, there needs to be a 6 month supply of inventory.  

 

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What does this mean if you're buying a house in Pace?

homebuyers with keys

Even with the low inventory, home sales in Pace remain strong. If you are looking to purchase this year it is important to constantly watch the market as houses become active in the MLS.  With the home shortage, properties are not lasting long before someone snatches it up with an offer. Remember that you will want to get into the new home on the market as soon as you possibly can. Be sure your agent along with yourself are watching to see what comes on the market every day.  This will give you a better chance to get in to view the property.  There are still some great deals to be had.  You and your agent just have to stay on top of things.  The interest rates are on the rise but are still consider low so it is still the perfect time for buyers to buy.  

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What does this mean if you're selling a house in Pace?

Keep the importance of setting the correct asking price when you are selling your home.  You will want to make sure it is price right when it hits the market.  Pricing your home right when it hits the market will see more activity and usually sells for a higher price than if it is overpriced.  When a property hits the market it will get the most activity in the first two weeks.  If it is overpriced there is a greater chance of it just sitting and not getting any activity.  The good news is that homes are still selling quickly.  The percentage of homes that sold within 60-days for the month of February is 56.8 percent. That percentage is down for last year, 52.6 percent of homes sold that quickly.

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See Additional Reports on the Pace Real Estate Market.

Here’s the most recent home listings just added to the database in the average price range for Pace. All homes here are priced at $225,000 or less.

 

 View all Pace Real Estate Market Report Posts